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Business Records Health Check

Business Records Health Check

Do you struggle with keeping good business records?

How good are you at keeping your books and records up to date?

Do you know what information needs to be kept and how long for?

We can provide a Business Records Health Check service:

- if you are finding it difficult to
  keep good business records
- unable to find the time to keep
  your business records up to
- unsure what information you
  need to keep

by giving advice about:
- what information needs to be
- how the information should be
  recorded, and
- how long the information
  needs to be kept for

If we prepare your financial accounts or bookkeeping, this health check will be included at no extra cost.

Business Records
Health Check - Key Features

  • View how you currently keep your books & records

  • Create a simple, bespoke filing system for your books & records to cater for your businesses' requirements

  • Ensure you are keeping all the required records to HMRC standards, highlighting records which are missing or incomplete

  • Provide help & training with recording your income & expenses and any other key areas such as payroll and CIS

  • Factsheets issued for future reference detailing what records need to be kept and how to record the information

HMRC carried out a pilot scheme called the Business Records Checks (BRC) programme to ensure businesses are keeping adequate and accurate business records. This pilot highlighted how many businesses struggle with their records and record keeping.

Keeping up-to-date and accurate records is important for your business, not only because a good record system helps you keep track of your income and expenses, but also because it will help when completing your tax return.
If you do not keep adequate records or complete your tax return correctly, HMRC may issue you with a penalty and may carry out an investigation.

The BRC programme has been put on hold at present, but is due to be rolled out later in the year.
HMRC did issue fines to businesses during the pilot who kept inadequate records.

Require more information?
If you would like more information, please contact us.

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